Court strikes out N1.2b ‘debt’ suit against CBN, four banks A Federal High Court in Lagos has struck out a suit by the Muhammad Shitta-Bey family of Lagos seeking to recover a N1,275,351,167 billion judgment debt from Great Nigeria Insurance Plc, the Central Bank of Nigeria (CBN) and four other banks. The four are: Wema Bank Plc, First Bank Plc, United Bank for Africa Plc and Polaris Bank Plc, in a suit marked FHC/L/CS/180/2020. Justice Oluremi Oguntoyinbo on Wednesday, April 30, found no evidence that judgment debtor/applicant Great Nigeria Insurance and the five other garnishees owed the Shitta-Bey family the sum as judgment debt. The family, represented by 11 members on February 25, 2020, approached the court claiming that the sum was debt due and owed to them by the Great Nigeria Insurance Plc following a consent judgment. It secured a garnishee order nisi attaching the sum domiciled in the garnishee banks. The court directed the garnishing banks to show cause why the o...